WASHINGTON — A former municipal advisor accused of billing a city thousands of dollars for services it didn't receive is now facing criminal charges months after civil charges cost him more than $100,000 and forced him out of the industry.
Porter Bingham was arrested late last week and charged with fraud in the U.S. District Court for the Southern District of Mississippi. His bond was set at $15,000, he was released and had to surrender his passport. He is set to appear in court on April 1 in Jackson, Mississippi.
Bingham’s lawyer, public defender Thomas Hawker declined to comment. Criminal charges stemming from the same conduct as civil charges brought by regulators are not uncommon, though the cases are often brought at nearly the same time and the civil suit is generally put on hold until the conclusion of the criminal proceedings.
In 2018, the Securities and Exchange Commission alleged that Bingham overcharged the City of Rolling Fork, Mississippi for services related to a municipal bond offering in 2015 and failed to disclose payments the he received from an employee of the underwriter.
The SEC suit,
The SEC barred Bingham from the industry in July 2018 and revoked the muni advisor registration of his Atlanta-based firm. Malachi and Bingham agreed to pay a combined $75,000 in civil penalties and disgorge $33,000 plus $2,858 in prejudgment interest to settle the SEC's charges.
